The Account Allowance For Uncollectible Accounts Is Classified As

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FAQ?

What is allowance for Uncollectible Accounts?

Allowance for uncollectible accounts is a contra asset account on the stability sheet representing accounts receivable the company does not anticipate to collect. Allowance for uncollectible accounts is also referred to as allowance for doubtful accounts, and may be expensed as bad debt expense or uncollectible accounts expense.

When should the expense of an uncollectible account be recorded?

The expense of an uncollectible account should be recorded in the accounting period that the account becomes uncollectible. (T/F) The account Allowance for Uncollectible Accounts has a natural credit balance.

Why is the allowance for Uncollectible Accounts called contra asset?

The allowance for uncollectible accounts was credited as a result of the corporate’s (resources) decreased. Inasmuch as it usually has a credit stability, versus most belongings with debit balances, the allowance for uncollectible accounts is known as a contra asset account.

What is adjusted trial balance allowance for Uncollectible Accounts?

Adjusted Trial Balance Allowance for uncollectible accounts is a contra asset account on the stability sheet representing accounts receivable the company does not anticipate to collect.

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